If you've already answered the question, Is Long Term Care Insurance the Best Option for You?" , you already got a long term care quote, and you're planning to buy long term care insurance, here are four factors which you should consider. These are important specially on your coverage.
1. Maximum daily benefit
amount
This is how much your policy is going to pay out to once you qualify for LTC. To determine the
amount of benefits that would need you have to know the long term care insurance costs in your area. For example, the
average daily cost of LTC in your place is $235 so choose a policy which would pay out a daily benefit amount of $250.
2. Maximum benefit period
This is the length of period that you will receive benefits from your policy. According to LTC experts,
most elderly folks in a nursing home would require three years of care, on
average, before they are moved to home-based care. Others with serious health conditions,
however, would stay up to 10 years. Try to anticipate what type of care will you likely require for this can help you determine your policy’s benefit period.
3. Elimination period
This
refers to the length of time that you will pay for care using your personal
resources. This period should be met to be able to receive your benefits.
Be sure that the benefits in your policy will keep pace with inflation.
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